Convenience Use of a Credit Card Is Justified Only If

question 4

True/False

Convenience use of a credit card is justified only if the card balance is paid in full by the end of the year.

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Definitions:

Unemployment Rate

The portion of the workforce currently unemployed but actively searching for work opportunities.

Opportunity Cost

The foregone benefit of the next best alternative when a decision is made to choose one option over another.

Allocative Efficiency

Occurs when no resources are wasted; it is not possible to make any person better off without making someone else worse off.

Economic Problem

The challenge of limited resources to meet unlimited wants and needs of society.